Administrators have announced the closure of 42 REDgroup owned Angus & Robertson stores as negotiations continue for the sale of 19 others.
Stores are likely to finish trading mid-July, though some may shut earlier depending on stock.
The closures mean 519 staff face redundancies including 90 staff at REDgroup’s head office and distribution centres.
It is hoped talks for the sale of individual stores will wrap up in the next fortnight. Ferrier Hodgson administrator John Melluish says a sale of the portfolio of stores would save about 200 jobs and confirms all entitlements will be paid in full.
“Our ability to pay full entitlements is a direct result of the untiring efforts of the Angus & Robertson staff who worked under very difficult circumstances to keep the business going,” he says.
“As a result of their efforts, I can confirm that all entitlements will be paid out of the proceeds of the sale of the remaining inventory.”
REDgroup retail operations were placed into voluntary administration in February this year. It was announced on June 2 the remaining Borders stores would close.
The 48 franchisee owned Angus & Robertson stores and online retail site remain unaffected and continue to trade.